Elliott Wave Analysis: Completed Three Wave Correction On GBPUSD Points Towards Higher Levels

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GBPUSD has been trading higher recently with a new leg up last week to 1.2680 where we called end of a five wave recovery from end of October. Notice that market then turned south but only with three waves that found a support at 1.2300 area. We can see a nice bounce from a trendline support which sent price back to 1.2500 level and above. It looks like an impulsive wave 1) so more gains may follow in days ahead, but after a pullback in wave 2), which can be interesting to join the trend for a new leg up to 1.2670. Support for this undergoing wave 2) may be around the 61.8 Fibonacci ratio, from where bulls may take off.

At the moment we can see some bullish intra-day activity taking place, ideally staring a new impulsive wave higher.

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GBPUSD, 4H

gbpusd-4

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Gregor Horvat first made his name in Slovenia and has become world famous in the forex market since 2003. He is both a trader and a technical analyst who offers trading strategies on the Fibonacci and Elliot Wave principle. His main focus is on currency pairs, U.S. stock market, gold and oil. Gregor Horvat found the forex service offered on http://www.ew-forecast.com/. This website provides traders technical analysis, while putting emphasis on behavioral patterns. These are derived from the Elliott Wave Principle (EWP). Traders who are interested in the entry and exit positions, and he probability of the former and latter follow the EWP on a regular basis.